2010 Avenue I - Freestanding FOR SALE


Birmingham, AL 35218- Ensley
$1,281,000 USD
610-608-2621
2010 Avenue I, Birmingham, AL for Sale
$1,281,000 USD
Freestanding - FOR SALE
1/12
null | 8% Cap Rate

2010 Avenue I
Birmingham, AL 35218
Ensley


HIGHLIGHTS

  • Corporately Guaranteed Absolute NNN Lease
  • Investment Grade Credit Tenant (S&P: BBB)
  • 10% Rent Increases in Options
  • Signalized Corner Location

OVERVIEW

Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Dollar General, (the “Property”) in Birmingham, Alabama. Dollar General operates on an Absolute NNN lease with just under 3 years remaining and ten percent (10%) rental increases in the beginning of each of their four, five-year options. The triple-net (NNN) lease structure is few and far between for Dollar General as most of their leases require the Landlord to be responsible for roof and structure. This rare NNN lease structure allows for a hands-free, passive form of ownership attractive to any passive investor. Dollar General benefits from excellent visibility along 20th Street Ensley, the main thoroughfare in town, and home to 17,500 vehicles per day. Its proximity to I-20 helps expand the consumer circle, as Dollar General is less than one mile from exit 120 of I-20, which boasts over 91,000 vehicles per day. Dollar General is just over a mile away from the 750,000 square foot Birmingham CrossPlex. The $46 million facility, developed by the City of Birmingham, hosts competitive floor space for track & field, gymnastics, volleyball, and it includes an Olympic-sized pool. The Birmingham CrossPlex gets over half a million visits annually. The surrounding 5-mile area boasts a population of over 111,000. Dollar General Corp. (NYSE: DG), is an investment grade credit rated (S&P: BBB) convenience store chain with over 20,000 locations. While competitive retailers have recently closed stores, Dollar General is in expansion mode, reinvesting proceeds to strong-performing locations. Dollar General reiterated its plans to execute 2,385 real estate projects in fiscal 2024, including the opening of 800 stores, remodeling 1,500 and relocating 85 stores (Costar.com). This is after total additions to property and equipment in fiscal 2023 were $1.7 billion, including approximately: $683 million for improvements, upgrades, remodels and relocations of existing stores (investor.dollargeneral.com). Brookfield is centrally located 65 miles east of Boston, 50 miles southwest of Hartford, CT and 60 miles southeast of Providence, RI. ABSOLUTE NNN LEASE – Dollar General operates on an Absolute NNN lease with just under 3 years remaining. The triple-net (NNN) lease structure allows for a hands-free, passive form of ownership attractive to any passive investor. BIRMINGHAM CROSSPLEX 550,000 ANNUAL VISITS – Birmingham CrossPlex is a $46 million indoor track and aquatic facility developed by the City of Birmingham and is over 1 mile east of Dollar General. The 750,000 square foot stadium hosts competitive floor space for track & field, gymnastics, volleyball and it includes an Olympic-sized pool. The Birmingham CrossPlex gets over half a million visits annually. CENTRALLY LOCATED AROUND COLLEGES AND HIGH SCHOOLS – Within 3 miles of Dollar General sits a multitude of colleges, high schools and grade schools, including Birmingham-Southern College, Miles College and Fairfield High School, combining for over 4,500 students. INVESTMENT GRADE CREDIT – Dollar General Corp. (NYSE: DG), is an investment grade credit rated (S&P: BBB) convenience store chain with over 20,000 locations. In 2023, Dollar General came in at #108 on the Fortune 500 list, employing approximately 185,000 and was included on Fortune’s list of Most Admired Companies. COMPANY BENEFITTING FROM COMPETITOR STRUGGLES – Following the recent March 2024 announcement that Dollar General’s competitor, Dollar Tree, plans to close 1,000 locations, Dollar General shares are up over 10% (Yahoo Finance). DOLLAR GENERAL EXPANSION & CAP EX PLANS – Dollar General reiterated its plans to execute 2,385 real estate projects in fiscal 2024, including the opening of 800 stores, remodeling 1,500 and relocating 85 stores (Costar.com). This is after total additions to property and equipment in fiscal 2023 were $1.7 billion, including approximately: $683 million for improvements, upgrades, remodels and relocations of existing stores (investor.dollargeneral.com). In cooperation with: Brian Brockman, Bang Realty-Alabama, Inc. (License #: 119315)| bor@bangrealty.com | (513) 898-1551

FOR SALE DETAILS

PRICE

$1,281,000 USD

PRICE/SF

$142 USD /SF

CAP RATE

8%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Dollar General

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2013

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.2 AC

LAND SF

52,272 SF

ZONING

B3

APN/PARCEL ID

22-00-31-3-038-011.000

ASK ABOUT THIS PROPERTY

Steve SchrenkForged Real EstateMore Info
610-608-2621

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Steve SchrenkForged Real EstateMore Info
610-608-2621

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.